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Westchester

Forget Lowballing: Bidding Wars Return in Hot Housing Markets | Mt Kisco Real Estate

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Are buyers being manipulated into overbidding for the relatively few attractive homes on the market?
Earlier this year, the National Association of Realtors (NAR) announced that the number of homes for sale in the U.S. had reached a low not seen since 1999. More homes have hit the market since then, but Lawrence Yun, NAR’s chief economist, said in March that in many areas around the nation, the inventory of homes for sale is unlikely to keep up with the number of interested buyers.
“Buyer traffic is 40% above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country,” said Yun. “We expect a seasonal rise of inventory this spring, but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth.
Bidding wars have been commonplace in Connecticut this spring, especially for mid-range properties ($300K to $600K), reports the Hartford Courant. Buyers are reportedly frustrated by “the slow trickle of new listings,” and “they are ready to pounce,” according to a local realtor, when an attractive property in their price range comes onto the market.
Bidding wars have also been popping up in cities such as Denver, where half of new homes on the market have been selling in under 30 days. CNN Money recently noted that nine in 10 homes in hot markets in northern and southern California have attracted bidding wars, as have at least two-thirds of properties in Boston, New York City, Seattle, and Washington, D.C. “The only question is not whether a new listing will get multiple bids but how many it will get,” one agent in the Sacramento area explained.

 

Forget Lowballing: Bidding Wars Return in Hot Housing Markets | Mt Kisco Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

Another Housing Bubble Ahead? | South Salem Real Estate

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HOUSE PRICES in the US are heating up, as the flow of new homes and permits continue to steadily increase and the attraction of historically low mortgage rates motivates buyers, writes George Leong of Investment Contrarians.
The buyers that are driving up the housing market are not only the buyers of principal homes, but also the investors who are attracted to the relatively lower home prices and cheap financing.
What is interesting is that we are seeing major buying from not only the smaller investor who may dabble in an investment property, but also the large institutions and hedge funds that are getting into the swing of things, gobbling up hundreds and thousands of properties at lower prices.
The S&P/Case-Shiller index, comprising the 20 largest US metropolitan cites, increased a better-than-expected 9.3% in February, representing the 13th straight up month for prices.
While the housing market is far better than it was a few years ago, when the sub-prime mortgage crisis crushed the housing market and left a trail of destruction, my view is that there may be a bubble building as much of the current surge in prices is due to the cheap money.
Just consider the S&P/Case-Shiller index and notice the major jump in home prices in the housing market. For example, home buyers in the Phoenix housing market saw home prices surge 23% year-over-year, while those living in San Francisco reported an 18.9% surge in home prices.
My problem is that much of the buying in the housing market is being triggered by low-financing costs that can inevitably get homeowners in trouble once interest rates begin to ratchet higher—and they will go higher. For instance, carrying a $100,000 mortgage will become more expensive for many homeowners who were initially able to enter into the market only because of the low rates.
Even Robert Shiller, co-creator of the S&P/Case-Shiller index, is not that enthusiastic. He feels that the current housing climate is occurring in an “abnormal economy” that has been created by the money printing by the Federal Reserve. Shiller actually believes that home prices will do very little over the next decade. (Source: Napach, B., “Robert Shiller: Home Prices Will Remain Relatively Stagnant For Next 10 Years,” Yahoo! Finance, April 30, 2013.)
Years ago, after the last housing bubble, I said that if you have the money, go out and buy an investment property—you would be buying homes when they were cheap and, best of all, the money was cheap.
So as long as the Federal Reserve continues to pursue its bond-buying program and place downward pressure on financing rates, the housing market will continue to improve.

 

 

Another Housing Bubble Ahead? | South Salem Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

New housing prices rose 0.1 per cent in March | Cross River Real Estate

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Statistics Canada says its price index for new houses rose 0.1 per cent in March, after a 0.2 per cent increase in February.
The agency says month-over-month gains in the index have ranged from 0.1 per cent to 0.3 per cent for the last 12 months.
For the second month in a row, the largest monthly advance occurred in Regina, where prices were up 0.7 per cent.
However, Calgary, where prices were up 0.3 per cent, was the top overall contributor to the March advance.
Prices also rose in Saskatoon, Windsor, Winnipeg, Hamilton and the combined metropolitan area of Toronto and Oshawa.
In March, prices decreased 0.2 per cent in Vancouver and were unchanged in nine of the 21 metropolitan regions surveyed.

 

New housing prices rose 0.1 per cent in March | Cross River Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

Market Overheats in Scarsdale | Real Estate

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The experts concur – it’s a banner year for home sales in Scarsdale. We checked in with three local agencies for their observations on the Spring market and here is what they had to say:

Zach Harrison:
Platinum Drive:

“This is the strongest real estate market I have seen in Westchester since 2006. Bidding wars have been commonplace, driven by low interest rates and a lack of inventory.”

Linda Roth
Coldwell Banker: 

This spring is an exceptional time to sell real estate in Scarsdale/Edgemont and surrounding communities. In addition the national real estate market is also showing strong growth. The combination of lack of inventory, an improving economy and historically low interest rates has brought out large numbers of purchasers, which in turn bring multiple offers, many over the asking price and with excellent terms. As always, lower Westchester with its convenient location leads the market.

Lewis Arlt
Houlihan Lawrence: 

Looking out the rear view mirror at sold properties in Scarsdale, we see an up-tick of 9.3% year-to-date (from 43 last year at this date, to 47 this year). And an increase of 11.7% year over year from May 6, 2012 (206 sold) to May 6, 2013 (230 sold). The median sale price stands at $1.246M year to date, compared to $1.285 last year at this time. (a 3% drop, statistically not very significant). The good news is prices remain relatively stable and sales are moving forward at a healthy pace.

Peering out the windshield at pending business, we can see a very healthy ratio of active listings to pending deals. The 112 currently active listings (a 19% decrease compared to 2012 at this time) is well balanced by 82 deals in contract, compared to 76 last year – nearly 8% more. Decreased inventory across the region has fueled higher prices as more buyers compete for fewer homes. This phenomenon has led to some highly competitive bidding and sale prices exceeding expectations, most evidenced in the $700,000-1,500,000 price range. Rates are low, consumer confidence is strong, and we are currently on pace to record more sales this year in the village than in a decade.

 

 

Scarsdale, NY 10583 | Market Overheats in Scarsdale | Real Estate | Your Community Corner.

Cuba’s Real Estate Market on the Rise :: EDGE on the Net | Chappaqua Real Estate

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Estrella Diaz sits next to a homemade sign advertising her home for sale, in Havana, Cuba.

Estrella Diaz sits next to a homemade sign advertising her home for sale, in Havana, Cuba.  (Source:AP Photo/Franklin Reyes)
In some ways, Yosuan Crespo’s real estate office resembles any you might find in New York, London or Tokyo. There are slick posters of hot properties hanging from the ceiling, a steady stream of hopeful buyers and sellers and a constant clack of computer keys.

But Crespo’s headquarters in central Havana’s trendy Vedado neighborhood is actually somebody else’s breezy front porch. The computer’s only connection to the Internet is a creaky dial-up link, and Crespo is careful to say he’s not operating as a broker, since the job is still technically illegal.

A baffling, sometimes bizarre real estate market has emerged in the year and a half since President Raul Castro legalized private home sales on this Communist-run island for the first time in five decades.

While trade in homes is now legal, the people who bring buyers together with sellers are not. The government has yet to make good on promises to legitimize brokers, most of whom still operate in the shadows.

It’s a story that has been typical of Castro’s economic reforms, which often have left little space for the sort of middlemen and other services that help markets work.

The Cuban leader also has legalized a used car market, but not the right to open a business that sells them. And while reforms have sparked an explosion of private restaurants and cafes across Cuba, the government has yet to give them access to wholesalers that could keep them better supplied.

Crespo gets around the broker ban by operating as a licensed computer programmer and photographer, helping clients list their properties on Web portals, producing the for-sale posters that hang in his office and offering digital photo services for sellers. He says he doesn’t charge commissions.

Crespo’s listed fees are just a few dollars, but he’s found himself in major demand. He estimates 30 to 40 customers a day wander into his porch-side business, called EspacioCuba. He says his service has 2,500 current listings and has helped sell about 250 properties since it opened in January.

“Right now we are very pleased,” said Crespo, a smartly dressed 28-year-old computer scientist with close-cropped hair, but he added that the market would benefit by the government made brokering legal.

The market also still lacks a workable mortgage system, an easy means of advertising potential sales and, most important, a middle class with resources to buy.

Yet sales are humming, with some 45,000 homes changing hands in the first eight months after Castro legalized the real estate market in November 2011, according to the most recent statistics from the government.

 

 

Cuba’s Real Estate Market on the Rise :: EDGE on the Net | Chappaqua Real Estate | Bedford NY Real Estate | Robert Paul Talks Life in Bedford NY.

Bedford NY Area Strong Markets | Weak Markets | RobReportBlog

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Bedford NY Area Strong Markets | Weak Markets  | RobReportBlog

Strong Markets

South Salem  up 26%
Armonk         up  85%
Chappaqua    up  15%
Bedford Corners up 25%
Bedford Hills     up 11%
North Salem     up 55%

Weak Markets

Pound Ridge    down 11%
Bedford Village   down  4%
Katonah            down 4.5%

Looking at sales over the last six months compared to the same period last year.

What $700K Can Buy You Around The Cape & Islands | Chappaqua Homes

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↑ Kicking off in Provincetown with The Boathouse, a 1BR, 1BA condo directly on Cape Cod Bay. Built in 1900, the year-round 487 sq. ft. freestanding cottage has waterviews on three sides, an exclusive use deck and parking for one. The property last changed hands in 2005 for $685,000 and returned to the market in May 2011 asking $735,000. The listing was removed in October 2011 and reappeared last month with a $729,300 price tag.

 

 

http://capecod.curbed.com/archives

 

Remodeling? Avoid These Costly Mistakes | Armonk NY Homes

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While many Americans are ready to take on remodeling/renovation projects this spring, doing it the wrong way can be costly. Some errors to avoid:

Not knowing exactly what you want

If you don’t know exactly what you want or specify what you want, you’re going to get what the contractor thinks you want. And it could end up costing you dearly! For home remodeling design ideas, inspiration and a whole lot more (including cost estimates), check out Zillow Digs (free on the iPad or the Web). You can search by style, cost or room. And what’s really cool is that you can search by specific elements within a room, such as quartz or granite countertops, for example. Share your boards with your contractor so that you’re clear on your objectives.

Hiring the first contractor who comes along

Sure, he may seem nice, and he may seem competent, but have you checked him out? What do your friends say about him? Have you contacted his references? Seen his work? Are there any complaints lodged against him? (P.S.: The Better Business Bureau just released its top 10 list of inquiries from consumers, and half relate to home improvement.) What do subcontractors and suppliers have to say about their dealings with him? Is he licensed and insured? As excited as you may be about taking on this new project, you need to do a fair amount of due diligence.

Jumping at the lowest bid

Get at least three bids, and throw out the lowest one so as to avoid the inevitable consequence: cheap materials, shoddy installation, etc. Don’t invite trouble in! Rather, hire someone who not only comes in within target, price-wise, but is someone you feel personally comfortable with.

Not insisting on a written contract

Every detail about your project should be included in a contract, from the start date to the approximate completion date, right down to the brand of fixtures to the number of coats of paint. Be as specific as possible! Also important: setting a time limit for fixing defects so that if a dispute arises, it’s not endless.

Not setting a payment schedule

How you pay a contractor is almost as important as how much. Spell out the payment schedule in the contract, beginning with the amount to be paid upfront (which should be no more than 30 percent).  Periodic payments after the work starts should correspond to completed segments of the project. And the best way to ensure that work gets done when and how you want it? Leave a significant sum (at least 10 percent) to be paid only when the job is completed to your satisfaction.

Mt Kisco Real Estate | 30-Year Fixed Mortgage Rates Increase for First Time Since March

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Mortgage rates for 30-year fixed mortgages increased this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.39 percent, up from 3.25 percent at this same time last week. This represents the first rate increase since late March.

The 30-year fixed mortgage rate hovered between 3.26 and 3.30 percent for the majority of the week before jumping up near the current rate on Friday.

“Last week, mortgage rates reversed their month-long decline on a stronger-than-expected jobs report,” said Erin Lantz, director of Zillow Mortgage Marketplace. “This coming week, we expect rates to remain fairly stable with limited news or economic data slated for release.”

Additionally, the 15-year fixed mortgage rate this morning was 2.56 percent, and for 5/1 ARMs, the rate was 2.32 percent.

What are the rates right now? Check Zillow Mortgage Marketplace for up-to-the-minute mortgage ratesfor your state.

05-07-13 0951AM

Reese Witherspoon Is Girl Next Door With Third Brentwood House | North Salem Real Estate

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Source: IMDb

Source: IMDb

If you live in Brentwood Circle, there’s a good chance Reese Witherspoon is the girl next door. With two existing homes in the neighborhood, the Oscar-winning actress has purchased another for $3 million.

The ranch-style home is described by the listing agent as an “enchanted cottage” that’s “warm and inviting.” With a glass art studio and hillside gardens, the home offers a retreat from downtown L.A.

It isn’t surprising Witherspoon would choose a getaway outside the city center — her Ojai ranch provided the feeling of being in the country while only an hour removed from Los Angeles. And, with a recent trip to jail on a disorderly conduct charge, the actress is likely looking to steer clear of the paparazzi.

It also isn’t surprising Witherspoon bought a few houses down from her existing property; celebs have a track record for hopping around the same neighborhood or owning several properties within the same ZIP code. Actress Kate Hudson is known for buying a $5.8 million home next door to her longtime Pacific Palisades residence, and Oracle CEO Larry Ellison also recently added to his collection of homes on Malibu’s “Billionaires’ Row.”

While celebs typically move up with successive home purchases, however, Witherspoon paid less for this property than her two other Brentwood homes. It’s also the smallest of the three, measuring 3,053 square feet

 

 

http://www.zillowblog.com/2013-05-07